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5 Written questions

5 Matching questions

  1. Trial balance
  2. amount sufficient for the petty cash fund.
  3. Financial summaries are compiled
  4. The best way to begin a budget is to look at the expenses from the
  5. Subsidiary
  1. a should be done once a month after all posting has been completed and before the monthly statements are prepared. The purpose of process is to disclose any discrepancies between the journal and the ledger.
  2. b previous year
  3. c $25 to $50
  4. d monthly and annually
  5. e Supporting other documents or records.

5 Multiple choice questions

  1. Things that are owed; debts.
  2. Social security number of the employee
    Number of withholding allowances claimed
    Amount of gross salary
    All deductions for the Social Security and Medicare taxes; federal, state, and city or other subdivision withholding taxes; state disability insurance; and state unemployment tax, where applicable.
  3. Receipts usually are deposited in the ckecking account, and a record of the deposit is entered in the journal and on the check register.
  4. Federal Unemployment Tax Act
  5. SS-5 form.

5 True/False questions

  1. Disbursement journals must showA summary of accounts paid out.


  2. Kinds of Financial recordsDaily journal and checkbook


  3. Cash payment journalusually consists of a section at the bottom of each day sheet and a check register page at the end of each month, plus monthly and annual summaries.


  4. Double-entry system accounting equation:The most complete accounting system. System in which transactions may be entered manually or by computer. Inexpensive but requires a trained, experienced bookkeeper or the regular services of an accountant.


  5. Cash basis of accountingsingle-entry system, double-entry system, and pegboard (write-it-once) system